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Pablo Martinez Monsivais / AP

The Medicare trust fund will be insolvent by 2029, according to the program's trustees, who also report Social Security's combined trust funds will be depleted by 2034, per MarketWatch. The Medicare trust fund is set to be insolvent one year later than was estimated last year, per Modern Healthcare.

What it means: The Independent Payment Advisory Board, proposed by the ACA and known as the "rationing board" by ACA opponents, won't be activated after all, since it was set up to run cuts if there was overspending in Medicare costs. Note: retirees' benefits won't disappear in 2034, since by then there will be enough tax revenue to pay about 75% of the benefits.

Why it matters: Republicans would have had to implement the cuts if the board had been activated. Today's report buys the GOP another year to avoid dealing with it.

Go deeper

Updated 22 mins ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 38 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.